Bloodhound Programme enters administration

Tue, 16 Oct 2018 | ADMINISTRATION



The Bristol-based company that commissioned the project to break the land speed record has gone into administration to find a solution in order to take the project to completion.

Partners of specialist business advisory firm FRP Advisory LLP, Andrew Sheridan and Geoff Rowley, have been appointed as joint administrators of Bloodhound Programme. Talks are currently underway to find potential solutions and offers are being invited.

Joint administrator Andrew Sheridan said: "Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of STEM talent in the UK and across the world.

"Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.

"Whilst not an insignificant amount, the £25 million Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team.

"This is an opportunity for the right investor to leave a lasting legacy. We are already in discussion with a number of potential investors and would encourage any other interested party to contact us without delay."

The Bloodhound supersonic vehicle is already built and has been conducting low-speed trials however needs the further investment if it is to have any chance of breaking records in South Africa.

Mark Chapman, chief engineer of Project Bloodhound, said: "As we now move out of the R&D phase and into the operational phase of the project, we recognise that we need a different approach to funding.

"This project is built around the most successful team in the history of Land Speed Racing, and with the right support we have no doubt that the project will achieve its aims and could be racing for the record in as little as ten months"

Founded in 2007, Project Bloodhound aims to hit speeds of 1,000 mph on the specially built race track in the Northern Cape of South Africa.

For all our administrations listings, click here. For more news stories about administrations click here.


Share this article



Latest Businesses for Sale

Independent Provider of Obstacle Course Events
UK Wide

Specialises in hosting a number of challenging and fun obstacle course and mud races across the local region. Sustains and generates consistent revenue through a strong online and social media presence. Offers invited.

Asking Price: Offers Invited
Turnover: £405,000

LEASEHOLD


Public House
Rhyl, Clwyd, Wales, UK

The premises are well presented, creating a cosy and inviting atmosphere, with over 100 covers including perimeter fitted seating in the main restaurant. Early viewing is highly recommended with the business genuinely coming to the market as our clie...

Asking Price: £499,995
Turnover: £390,000

FREEHOLD


Online Exotic Car Dealership
Manchester, UK Wide

First ever online exotic car dealership (similar to Carvana). At Iconic Exotics, we will likely place you in complete control of the buying procedure. I'm not catching this' meaning? We're open 24 hours every day so you can purchase at whatever point...

Asking Price: £3,000,000
Turnover: £3,000,000

WEB-BASED



View more businesses for sale

News Search

Latest News

 
15
 
Nov
 

Carpetright agrees to shareholder takeover deal | BUSINESS SALE

Carpetright has agreed a deal to be taken over by its larges...

 
14
 
Nov
 

Scale manufacturer taken over in MBO | MBO/MBI

Weighing scale manufacturer Marsden Weighing Group has been ...

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
22
 
Aug
 

Welsh technology firm plunges into administration | ADMINISTRATION

Thought to be one of the country’s leading ICT supplie...

 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

 
10
 
Jun
 

Historic Hull electrical engineering firm enters administration | ADMINISTRATION

An electrical engineering company, founded by William Shuttl...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources